Market Diversification
Team 1 Plastics recently completed the Market Diversification program offered by the Michigan Manufacturing Technology Center (MMTC). As a plastic injection molding company that wanted to grow its business they decided to look outside its core market of the automotive industry for growth opportunities. They strongly felt their expertise in precision and transparent components would be valuable to new customers in other industries.
The training that they received from the MMTC provided them with the tools they needed to understand which industries had the best opportunities in plastic injection molding that fit their capabilities. After identifying their target markets, Team 1 began using the techniques learned through the Market Diversification training to find contacts and generate leads. Their strategy included using e-mail marketing, Google pay-per-click, developing a new website and much more.
As a result of their training in Market Diversification, Team 1 expects to provide better service to existing customers as well as form new, lasting relationships in their target markets. They also expect to further develop their ability to find creative solutions for injection moulding of plastic components. Team 1 Plastics is an injection molding company that has survived the worst economic recession in a generation and is preparing itself to grow profitability in the future.
